If you look at the last two trading days of Bitcoin, which were very nice positive, then the downtrend, which was initiated so massively at the beginning of the week, stopped and reversed. And that in the middle of the yellowed downlink channel. The Bitcoin has thus decided with a high probability against following the downstream channel further to its lower edge, but is currently more of a triangle, in which he will now run zig-zag to the right in the top.
And yes, in the top of this triangle, he will then make the big decision whether to break up or down. This outbreak is likely to have a significant and trend-setting character. If you look at that on the timeline, then we have to wait for such a decision probably until the first half of September. All this is good to see in the logarithmic 1-day chart of Bitcoin (Bitstamp on TradingView).
In the last blog post I hinted that Bitcoin’s movements have actually a bullish strength. On Monday, Tuesday and Wednesday of the week, when I saw Bitcoin, I got real doubts about the power of the bulls. That’s why I waited to close my shorts until it was clear that the bulls are still in the race. Today on Friday at the stand of about 9,900 USD (Bitstamp) I closed all shorts with profit. On average, I was 6% on Bitcoin and 35% on Bitcoin Cash. No huge profits, but better than nothing. With that, I am almost 100% in cash again.
What is the future timetable? Very easily. I’m waiting for the breakout from the triangle. I will not do anything until then. Just watch patiently. If the Bitcoin breaks up, I go long, and if he breaks down, I may go short again. However, should it break down, the search phase for the best possible entry into the Bitcoin and the Altcoins for the second big wave begins.
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